Investment Rating - The investment rating for the company is "Buy" and is maintained [1][3]. Core Views - The company reported a revenue of 4.09 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 23.5%, and a net profit attributable to shareholders of 436 million yuan, up 37.6% year-on-year [1]. - The company is expected to achieve breakthroughs in overseas direct sales and progress in offshore wind projects, driving performance growth through a dual-engine strategy [1]. - The company has sufficient orders on hand, which is expected to support steady revenue growth, with projected revenues of 6.524 billion yuan, 8.369 billion yuan, and 10.392 billion yuan for 2024, 2025, and 2026 respectively [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 1.62 billion yuan, a year-on-year increase of 14.85%, and a net profit of 189 million yuan, up 22.13% year-on-year [1]. - The gross profit margin for Q3 2024 was 22.73%, a decrease of 0.67 percentage points from the previous quarter [1]. - The projected net profit for 2024, 2025, and 2026 is expected to be 669 million yuan, 858 million yuan, and 1.063 billion yuan respectively, with corresponding P/E ratios of 17, 13, and 11 times [1][5]. Market Position and Strategy - The company is actively expanding its direct sales channels targeting markets in Europe, the Middle East, Southeast Asia, and North America, aiming for rapid development [1]. - The company is the only domestic entity to have successfully launched an offshore booster product, which is expected to replace imported brands in overseas markets [1]. - The successful implementation of fundraising projects is anticipated to allow the company to expand into higher voltage products, enriching its product matrix and gradually enhancing operational performance [1].
明阳电气：业绩稳健增长持续兑现，25年海外直销+海风双轮驱动